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Commercial Insurance Career

What is Commercial Insurance?

Before an agent starts an insurance career in Commercial Insurance, they must understand what it is and how it works. Commercial insurance protects business owners against potential losses relating to liability and property damage. Liability is when the actions of the employer or employee cause property damage or injury to others. Property damage is when damage is done to a business’s physical assets due to theft, fire, natural disaster, etc.

Why Choose a Career in Commercial Insurance?

Many agents choose an insurance career specializing in commercial insurance because the premiums and commissions are higher than most personal line payouts. Minimum premiums typically start at $500 and can exceed hundreds of thousands of dollars. On average, agents can make 10%-15% commission on an initial first year sale and 8%-12% on renewals. When starting an insurance job in commercial insurance, getting a Property and Casualty License and a commercial insurance license are required. For this reason, agents typically sell both types of insurance, which helps them add to their bottom line.

Who Would Excel in a Commercial Insurance Career?

Those interested in an insurance career need to be self-motivated and thrive in a fast-paced and dynamic environment. To be successful in a commercial insurance job, an agent needs to learn the ins and outs of the policies they are selling and work to understand and listen to the specific needs of their clients. Agents must be proactive and have good marketing skills to succeed. The commercial insurance industry is very competitive as clients request for the agent to shop and compare for better rates every year. Commercial insurance is also very service-oriented since clients typically file claims through their agent.

There is usually no requirement that those looking for a commercial insurance career need to hold a college degree to obtain a license. However, an agent must prepare for and pass a state exam to obtain both a Property and Casualty and Commercial Insurance license before starting to write business. In some states you may need to register your fingerprints. The section below outlines how to get started in an insurance career selling commercial insurance.

How to Start an Insurance Career as a Commercial Agent (varies by state)

An agent in a commercial insurance career is required to obtain a Property and Casualty License and a Commercial Insurance License from the state that he or she wishes to sell policies in. The following is a short list of the basic process of starting an insurance career in commercial insurance.

  1. Complete Pre- Licensing Education: Learn the rules and regulations of your state’s insurance industry. You may be required to attend classes, but some states allow you to study at your own convenience. You will be issued a certificate for completing these state certifications and at that point you are permitted to take the state exam to become licensed as a Commercial insurance agent.
  2. Take the State Exam: Contact your state’s insurance department to find contact information for your local testing center.  Bring the course completion certificate to the testing center on the day of your exam. After you have successfully completed the state exam and paid the licensing fees, you are then issued your Property and Casualty license and Commercial License.
  3. Buy Errors and Omissions Coverage:  As an individual insurance agent, most carriers require you to have Errors & Omissions insurance. This liability policy protects you and your career against financial loss related to your involvement in the sale or service of an individual insurance policy.
  4. Get established:  Getting started in commercial insurance career is more difficult than most insurance jobs due to the fact that you can’t just start from scratch. Most commercial insurance companies require an established book of business to get appointed. To start your insurance career and begin selling Commercial insurance you can either decide to work for a company as a captive agent or choose to work through a broker. Many agents find that working through a brokerage firm typically provides greater opportunities for success because they can offer multiple carriers. This helps agents to shop for the best options for their clients, which results in high customer retention. 
  5. Get started: Your insurance career starts NOW! Contact us to launch your career as a Commercial Insurance agent today.

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